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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 15, 2017 No. 2017-P-12/25-9

About approval of the Provision "About Procedure for Carrying Out Separate Banking Activities by Banks of the Kyrgyz Republic in case of Introduction of the Mode of Temporary Administration or Began Liquidation Procedures"

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Procedure for Carrying Out Separate Banking Activities by Banks of the Kyrgyz Republic in case of Introduction of the Mode of Temporary Administration or Began Liquidation Procedures" it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About the Provision "About Procedure for Carrying Out Separate Banking and Payment Transactions by Banks of the Kyrgyz Republic in case of Introduction of the Procedure of Temporary Management, Preservation and Bankruptcy" of October 26, 2011 No. 60/7;

- Item 39 of appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of November 16, 2012 No. 43/1.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective since June 22, 2017.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, National bank of development of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan", regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T.Dzh. Dzhusupova.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-9

Regulations on procedure for carrying out separate banking activities by banks of the Kyrgyz Republic in case of introduction of the mode of Temporary administration or began liquidation procedures

Chapter 1. General provisions

1. This Provision establishes procedure for carrying out separate banking activities, and also conditions of recognition by National Bank of the Kyrgyz Republic (further - National Bank) irrevocable remittance orders of the money and securities transferred by bank in trade and/or payment system in case of introduction of the mode of Temporary administration or began liquidation procedures in commercial bank or National bank of development of the Kyrgyz Republic.

2. This Provision extends to activities of the commercial banks of the Kyrgyz Republic including which are performing transactions according to the Islamic principles of banking and financing or having "Islamic window", taking into account the special terminology applied by them in case of banking operations, licensed by National Bank, and to National bank of development of the Kyrgyz Republic (further - banks), their clients, operators and participants trade and payment systems of the Kyrgyz Republic.

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